Despite denials by the Nigerian Content Development and Monitoring Board (NCDMB) on allegations of huge funds diversion under its embattled Executive Secretary, Engr. Felix Omatsola Ogbe, a document from the Board has confirmed that N2.4billion ($1.6million) was paid for “consultancy services” on one occasion without the necessary approval.
SaharaReporters obtained the official NCDMB memo, NCDMB/FN/CBN/USD/24.08/528, which was addressed to the Director, Banking Services Department of the Central Bank of Nigeria, and dated, August 27, 2024.
It was titled, “PAYMENT MANDATE IN RESPECT OF FINANCIAL CONSULTANCY SERVICES FOR THE RECOVERY OF NCDF 1% DEDUCTED BY OAGF FROM OUR DOMICILIARY ACCOUNT #3000135904.”
The NCDMB wrote, “We write to mandate you to pay the beneficiaries with the requisite details outlined in the Schedule attached hereto the sums indicated thereon.
“The total value of the mandate is US$ 1,636,846.42 (One Million Six Hundred and Thirty-Six Thousand Eight Hundred and Forty-Six United States Dollars Forty-Two Cents).
“The payment pertains to financial consultancy services on the recovery of NCDF1% deducted by OAGF.
“The payment value date is August 27, 2024. The payment currency is United States Dollars.
“Kindly effect the payment from our account details shown below: Account Name:
CBN NCDMB CAPACITY DEV EXPEND USD AC; MANDATE IN RESPECT OF FINANCIAL CONSULTANCY SERVICES FOR THE RECOVERY OF NCDF 1% DEDUCTED BY OAGF FROM OUR DOMICILIARY ACCOUNT #
3000135904. Please accept the assurances of our warm regards.”
The memo was signed by authorised signatories; Porbeni Oyinkebi and Mubaraq Zubair for the NCDMB.
Apart from this memo, SaharaReporters learnt from sources that there were two other letters for payment of US$ 3,062,089.52 and US$ 1,531,044.75, 23, which were dated 22nd July, 2024 and received by CBN on 23 July 2024.
The third letter dated August 27th 2024 and received on 28 August 2024, had US$ 1,636,846.42, and was the document obtained by SaharaReporters.
The source noted that the approval for such amounts is not within the ambit of the Board’s Executive Secretary, but the Federal Executive Council (FEC).
According to sources, the Executive Secretary had endorsed three requests made by Fatima Bashir Mohammed, who purportedly leveraged her previous role at the Independent Corrupt Practices and Other Related Offences Commission in Nigeria (ICPC) to authorise payments to a consulting firm, S.B Capital Partners & Advisory Limited, owned by Stephen Bawa.
These payments significantly exceeded the approval limits, even for the Ministerial Tenders Board (MTB).
The sources had stated that the approving authority for such amounts is the Federal Executive Council (FEC).
According to the source, the most troubling aspect is that the payment was processed at the Central Bank of Nigeria without any evidence that the consultant had actually recovered the funds for which the fee was paid.
“How much did the consultant recover to earn such a fee?” the source asked.
The contract is reportedly connected to the recovery of funds that were deducted from the Nigerian Content Development Fund by the Office of the Accountant General of the Federation (OAGF).
“The OAGF is a crucial office of the federal government under the Federal Ministry of Finance. The NCDMB is also a government-owned entity. Therefore, this is a government-to-government transaction that should not be subject to private consulting intervention,” the source stated.
“The deduction was initiated by the federal government and requires direct communication with the relevant government officials or engagement at the highest level of both parties, rather than fleecing the public treasury of more than N7 billion under the guise of consulting,” a source had told SaharaReporters.
The source indicated that the three payments represent contract splitting, a practice forbidden by procurement rules and procedures.
Despite these infractions, the alleged individuals involved—Fatima Mohammed, the acting director of finance; Ifeanyi Ukoha; and Mubarak Zubair, the acting general manager of finance and accounts—who were all appointed by Felix Ogbe without government approval, went ahead with the payments.
“Regardless of these violations, the puppets — Fatima Mohammed, who originated the idea and wrote the memos, as well as the Acting Director of Finance, Ifeanyi Ukoha, and the Acting General Manager of Finance & Accounts, Mubaraq Zubair, who were all appointed by Felix Ogbe without the necessary government approval — proceeded to make the three payments,” one of the sources had said.
A document obtained by SaharaReporters, titled “Nigerian Content Development and Monitoring Board: Top Management Committee (TMC) Meeting” with reference number TMC-02/10/06/2024/01, shows the approval of thousands of dollars for sponsoring a five-day capacity training workshop for the Board’s critical stakeholders in the financial sector, held in the United Kingdom.
